Successful people know that preserving wealth is sometimes more difficult than creating it. The risk exposure of your assets is largely determined by financial and managerial decisions, but it can also be affected by legal risks you and your loved ones might be exposed to.
Originally developed for professionals, business owners, and investors, asset protection services are now just as important for ordinary people seeking to preserve the wealth accumulated during their productive life. Widespread use of personal guaranties by banks and creditors has created overwhelming personal exposure for most business owners and investors. Several factors have increased the need for proper asset protection planning, including professional and personal liability, frequent abuses of the legal system, and aggressive tactics employed by unscrupulous creditors and other third parties.
A proper asset protection analysis will evaluate present solvency issues and identify the best legal structure for allocating and holding your assets, using multiple tools and techniques available under law. Unfortunately, there are common misconceptions about the security of home equity, 401k, IRA, and 529 plans, insurance and annuity products, trusts, joint checking accounts, and various other assets and investment vehicles. For that reason, it is crucial to understand the risks associated with holding or transferring your assets without proper planning.
While it is important to consider which assets can be placed beyond the reach of creditors, it is also critical to understand whether the assets will be afforded the same protections when transferred to your beneficiaries as a part of your estate.
At Milvidskiy Law Group P.C., our attorneys will assess the risks and help you with development and implementation of a comprehensive asset protection plan. We will show you how to protect your business, your property, and your personal assets for you and your loved ones.